Summary
TLDR: Crypto exchange Binance establishes a board of directors in response to US charges, led by Gabriel Abed. Critics express concerns about lack of external oversight. Binance undergoing changes after $4.3 billion settlement with US authorities. Founder Changpeng Zhao awaits sentencing. Regulatory challenges escalate internationally. Impact of governance reforms on operational integrity uncertain.
Key Points
1. Binance has established its inaugural board of directors in response to US charges, including anti-money laundering and sanctions violations.
2. The board’s composition includes a mix of internal leadership and external expertise, with Gabriel Abed as chairman and Binance CEO Richard Teng among the members.
3. Critics have raised concerns about the lack of external oversight on the board, highlighting the need for more seasoned financial compliance professionals.